Analysts/Institutional Investor Meet/Con. Call Updates

August 20, 2026 National Stock Exchange of India Ltd. BSE Limited Exchange Plaza Bldg. Department of Corporate Services, 5th Floor, Plot No.C-1 1st floor, New Trading Ring ‘G’ Block, Near Wockhardt, Rotunda Building, Bandra Kurla Complex Phiroze Jeejeebhoy Towers, Mumbai 400 051 Dalal Street, Mumbai - 400 001 Symbol: DCW Scrip Code: 500117 Dear Sir(s)/Madam, Sub: Transcript of Investor(s)/Analyst(s) Call – Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) In Compliance with Regulation 30(6) of the Listing Regulations, please find enclosed herewith, the transcript of the Earnings Conference Call held on Friday, August 14, 2026 at 2:00 P.M. (IST) with Investor(s)/ Analyst(s), to discuss the unaudited Financial Results for Q1 FY27. The transcript has also been uploaded on the Company’s website and can be accessed through the following link: https://dcwltd.com/wp-content/uploads/2026/08/Earning-Conference-Call- Transcript-August-14-2026.pdf You are requested to take the aforesaid information on your record. Thanking You, Yours faithfully, For DCW Limited Dilip Darji Sr. General Manager (Legal) & Company Secretary Membership No. ACS-22527 DCW LIMITED HEAD OFFICE: "NIRMAL" 3RD FLOOR; NARIMAN POINT, MUMBAl-400 021 TEL.: 4957 3000, 4957 3001 REGISTERED OFFICE: DHRANGADHRA- 363 310, SURENDRA NAGAR DISTRICT, GUJARAT Email: ho@dcwltd.com, Website: www.dcwltd.com, CIN-L24110GJ1939PLC000748 “DCW Limited Q1 FY27 Earnings Conference Call” August 14, 2026 MANAGEMENT: MR. SAATVIK JAIN – PRESIDENT – DCW LIMITED MR. SUDARSHAN GANAPATHY – CHIEF EXECUTIVE OFFICER – DCW LIMITED MR. PRADIPTO MUKHERJEE – CHIEF FINANCIAL OFFICER – DCW LIMITED MODERATOR: MS. RASHMI GOEL – ARIHANT CAPITAL MARKETS LIMITED Page 1 of 16 DCW Limited August 14, 2026 Moderator: Ladies and gentlemen, good day, and welcome to DCW Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Rashmi Goel. Thank you, and over to you, ma'am. Rashmi Goel: Hello, and good afternoon to everyone. On behalf of Arihant Capital Markets Limited, I thank you all for joining the Q1 FY27 Earnings Conference Call of DCW Limited. Today from the management, we have Mr. Saatvik Jain, President; Mr. Sudarshan Ganapathy, CEO; and Mr. Pradipto Mukherjee, the CFO. So without any further delay, I will hand over the call to the management for their opening remarks. Over to you, sir. Saatvik Jain: Thank you, and good afternoon, everyone, and thank you for joining us for DCW's Quarter 1 FY27 Earnings Call. I will begin with the operating environment because Q1 was shaped significantly by external disruption. The global chemical industry remained challenging during this quarter. Competitive exports from China continued to pressure pricing and trade flows, particularly in commodity chemicals. At the same time, the conflict in West Asia disrupted crude-linked feedstocks, shipping routes and supply chains. For India, this translated into availability constraints and sharp volatility in energy and petrochemical input costs. Domestic demand, however, remained reasonably resilient, supported by infrastructure, housing, water management and manufacturing activity. While near-term conditions remain volatile, we continue to believe India's long-term chemical opportunity driven by domestic consumption, import substitution and supply chain diversification. All this remains intact. Against this backdrop, Q1 was an extremely difficult quarter for DCW, particularly for our PVC business. Revenue from operations grew 14% year-on-year, led by 38% growth in Specialty Chemicals. Sequentially, the revenue declined 11%, mainly due to higher captive consumption of PVC for our CPVC, lower production of PVC and liquidation of some inventory of Synthetic Rutile in quarter 4 last year. Profitability was significantly affected by a combination of factors in PVC. The West Asia disruption constrained VCM availability, resulting in lower PVC production, while VCM prices were elevated. This coincided with the temporary suspension of import duties, which increased the flow of lower-priced imports into India and further pressured domestic realizations. Together, lower production, higher input costs and weaker realizations had a disproportionate impact on the quarter. Importantly, we see these pressures as largely event-driven rather than structural. VCM availability has improved and supply chain conditions have begun to normalize. Normal import duties have also been reinstated and the government has subsequently introduced a minimum Page 2 of 16 DCW Limited August 14, 2026 import price framework for suspension-grade PVC. From where we stand today, the operating environment for PVC is more constructive than during Q1. On our Specialty Business, continued to demonstrate the resilience we have been building into our portfolio. CPVC production and sales ramped up strongly following the recent expansion and our Specialty Chemicals EBITDA grew approximately 20% year-on-year. Demand for Synthetic Iron Oxide Pigments remained healthy across construction, infrastructure and paints and coatings. The increasing contribution of our value-added products, again, helped support the company through an unusually weak quarter for the Basic Chemicals segment. This reinforces why our strategic direction remains unchanged. As I mentioned last quarter, we have spent the last few years strengthening DCW's foundation, repairing the balance sheet, reducing debt, improving operations and increasing our Specialty Chemicals contribution. FY27 marks a point where we begin moving from strengthening that foundation to building for the next phase of growth. We expect our legacy long-term debt to fully be repaid during this year. Before incremental borrowings for new growth projects, we remain on track to become effectively net debt free by the end of FY27. This gives us the capacity to invest from a position of considerably greater financial strength. This next phase of growth is also accompanied by an important leadership transition. We are pleased to inform to have appointed Sudarshan Ganapathy as our CEO. As we embark on this next phase, his experience and execution capabilities will be important in translating our growth strategy into operating performance. Yesterday, we announced the first step in what we envisage as DCW's next 5-year growth journey, a INR250 crores investment program over the next 2 to 3 years. The first part is the expansion of our Synthetic Iron Oxide Pigment capacity from approximately 30,000 tons to 45,000 tons per annum. Phase 1 will add 7,000 tons, which is targeted for completion by quarter 4 FY28. With infrastructure and utilities sized for the subsequent phase of 8,000 tons. Alongside this capacity, we are broadening the pigment portfolio with newer value-added products, including micronized grades to improve our mix, margins and addressable market. The second part is an investment in the captive power infrastructure at our Sahupuram facility, also targeted for completion in the fourth quarter of FY28, aimed at structurally lowering power costs and improving operating efficiencies across both our Specialty and Basic Chemicals businesses. Our approach to growth remains disciplined. We are targeting a minimum incremental ROCE of 20% on our new investments. We are not pursuing growth for the sake of growth. We intend to deploy capital where we have an existing competitive advantage, established customer relationships and ability to earn attractive returns. Page 3 of 16 DCW Limited August 14, 2026 Despite the im [Showing first 8,000 characters — download PDF for full document]